Retirement Board Chairman Defends Off Island Meetings

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Many have complained as to why the Retirement Fund Board has to meet off island with its consultants k money managers and actuary advisors when it can convene the meetings here.

But Chairman of the retirement Fund Board Vaanatiu Toafala Iafeta says the consultants have asked that their next series of meetings  one in Honolulu with the governor and Fono leaders later this month, and two meetings in San Diego and San Francisco next month be held off island,

The chairman says if the advisers and companies that the Retirement Fund is working with come down here, it would take them away for one week , due to the airline schedule, which will be costly for the experts.

Vaanatiu brushed off suggestions that the meeting in Honolulu on April 27 was suggested by Governor Lolo Moliga as KHJ News sources have reported.

The meeting is planned so that the Governor and Fono leaders will receive a briefing from the actuary consultant on the unfunded liability for the Retirement Fund.

Only Vaanatiu, Executive Director Iaulualo Faafetai Talia and board member Beaver Ho Ching will attend that meeting.

Then next month there will be two meetings that the whole board will attend in San Diego and San Francisco.

The other members of the Retirement Fund Board are Le’i Sonny Thompson, Aloma Langford, Tony Togia’i and Maaelopa Bob Tuiasosopo.

KHJ News was informed by reliable sources that the other board members only learned about the Hawaii meeting with ASG leaders when we aired our story last week.

A meeting of the board was held after the story at which the members who were not in on the planning of the Hawaii meeting made their feelings known.

But Board chairman Vaanatiu said this is not correct .

KHJ News sources say Vaanatiu admitted to the other board members that the meeting in Honolulu was suggested by the governor to coincide with other meetings that Lolo is attending off island.

Vaanatiu insists that the governor only suggested but did not direct the board to do such and such,

He said it’s important that the Fono leaders and governor get a full understanding of the unfunded liability and the need to increase the combined contributions of employees and employer, ASG.

When asked if he thinks the Fono leaders can determine how representatives and senators vote on legislation for the Retirement Fund, the chairman said no, but he feels it’s important to get the leaders’ support before enabling legislation is introduced.

He says the meeting will also discuss an increase in benefits for members,  for example the death benefit which is now $10,000.

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